DALLAS — Chicago Pacific Founders (CPF), a private equity firm specializing in healthcare real estate, has acquired Churchill Estates, a 175-unit luxury seniors housing community in Dallas. The property, which will undergo a capital improvement plan, is located in the city’s Lake Highlands area. Amenities include a game and activity room, spa and salon, champagne lounge, library and an arts studio. The seller and sales price were not disclosed.
ELLICOTT CITY, MD. — Morgan Properties, in a joint venture with Core Real Estate Partners, has acquired Orchard Meadows in Ellicott City for $50 million. The 240-unit community, located roughly 16 miles west of Baltimore, was constructed in two phases in 1998 and 2012. The new ownership will invest $2 million to upgrade the property. Planned renovations included kitchen upgrades, an enhanced fitness center, new grilling area and fire pit and a refreshed clubhouse, leasing office and business center. In addition, the joint venture will add a putting green, outdoor gaming area, playground, exterior fitness stations, a dog park and package rooms. Orchard Meadows features a mix of one- and two-bedroom apartment units. The transaction marks Morgan Properties’ seventh acquisition in the Mid-Atlantic with Core Real Estate Partners since 2012.
ATLANTA — Cushman & Wakefield has secured $37.8 million in construction financing for the development of Vue at the Quarter, a 271-unit multifamily community that will be located at 2048 Bolton Drive N.W. in Atlanta’s Upper Westside submarket. Mike Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield arranged a $32.8 million senior loan through Ameris Bank and $5 million in preferred equity through RSE Capital Partners on behalf of the project developer, GJ Enterprises Acquisitions. The 359,000-square-foot community will include five four- and five-story buildings. GJ Enterprises expects to wrap up construction on the project in May 2020.
ORLANDO, FLA. — Federal Capital Partners (FCP) has acquired Royal Isles, a 264-unit multifamily community in Orlando, for $23.6 million. The community includes a mix of one-, two- and three-bedroom units and features a 24-hour fitness center, swimming pool with sundeck, playground, picnic area with grills and an onsite laundry center. Evan Kristol and Felipe Echarte of Marcus & Millichap’s The Kristol Group arranged the transaction on behalf of the undisclosed seller. Berkadia arranged the assumption of the existing Fannie Mae mortgage.
LAKE OSWEGO, ORE. — Ziegler has closed $41.1 million in fixed-rate bond financing for Mary’s Woods at Marylhurst Inc. Mary’s Woods is an Oregon nonprofit corporation operating a seniors housing community located in Lake Oswego, approximately eight miles south of Portland. The community consists of 233 independent living apartments, 50 independent living villas, 55 assisted living apartments, 23 memory support suites, 26 residential care suites and five licensed skilled nursing suites. The community is situated on a 36-acre site, which Mary’s Woods leases from the Sisters of the Holy Names of Jesus and Mary, an Oregon nonprofit corporation. The borrower plans to use the proceeds to finance a portion of an expansion project; pay a portion of the interest on the bonds; fund a debt service reserve fund; and pay certain costs of issuance of the bonds. The bonds will be issued with a combination of temporary and permanent series, consisting of $16.7 million in tax-exempt serial and term bonds, amortizing over a 34-year period ending May 15, 2052.
SAN JOSE, CALIF. —Levin Johnston, a division of Marcus & Millichap, has arranged the sale of First Street Manor, a multifamily property located 523-530 N. First St. in downtown San Jose. A private investor acquired the property for $12.5 million. Situated near Google’s newest proposed tech campus, Google Village, the property features 39 apartment units. The buyer plans to perform full façade upgrades to the asset in order to rebrand the property and improve its overall value. Adam Levin and Robert Johnston of Levin Johnston represented the buyer and the seller, a private investor, in the transaction.
CHICAGO — Avison Young has brokered the sale of Kennelly Square in Chicago’s Old Town neighborhood for $78 million. The buyer, Strategic Properties of North America, plans to convert the 268-unit condominium building into rental apartment units. James Hanson, Richard Hanson and Paul Cohen of Avison Young represented the seller, Kennelly Square Condominium Association. Meridian Capital Group arranged the financing. More than 75 percent of the owners at Kennelly Square voted to approve the sale, a threshold required by the Illinois Condominium Property Act. This strategy reflects a growing trend in Chicago’s multifamily market as investors and developers identify opportunities to meet strong demand for rental units, according to Avison Young.
MERIDIAN HILLS, IND. — The RADCO Companies has acquired a portfolio of multifamily properties totaling 1,426 units near Meridian Hills, a northwest suburb of Indianapolis, for $64 million. The Class B and C properties have been reorganized into three properties known as Ashford Georgetown, Ashford Meridian Hills and Creekside at Meridian Hills. RADCO plans to spend over $27 million in capital improvements at the properties, which were built from 1968 to 1972. Units average 944 square feet. Community amenities include swimming pools, clubhouses, playgrounds, laundry centers and sport courts. RADCO Residential will manage the properties. The seller was not disclosed.
OAK PARK, MICH. — Bernard Financial Group has arranged a $14.5 million loan for the refinancing of Village Green Townhomes in Oak Park, a northern suburb of Detroit. The property features 374 units. Dennis Bernard arranged the loan on behalf of the borrower, Village Green/Huntington LLC. Securian Life Insurance Co. provided the loan.
PHILADELPHIA — Grandbridge Real Estate Capital has secured a $35.8 million refinancing for The Edge, a 602-unit, purpose-built student housing property near Temple University in Philadelphia. Gill Dolan and Blake Willeford of Grandbridge arranged the floating-rate, first mortgage loan for the undisclosed borrower through Freddie Mac. The financing was structured with an initial period of interest-only payments, followed by a 10-year term and 30-year amortization. The borrower requested a floating-rate loan to facilitate the refinancing of the existing CMBS mortgage, according to Grandbridge Vice President Gill Dolan. Built in 2006, the property is situated on a 1.7-acre site just south of Temple University’s main campus. The 12-story student housing community contains 1,067 beds across 602 units. Amenities include a two-story fitness center, study rooms, grilling stations and on-site laundry facilities.
